Jazz Pharmaceuticals focuses on oncology (lung cancer) and neuroscience and is traded around 7x MC/rev and 16x MC/FCF. They have multiple FDA approved drugs for narcolepsie and oncology with approx. patent expiration in 2030. The cash flow looks stable and they have done stock buybacks at around 100/share however revenue is declining. They have a good cash position but also much debt. They have couple of phase 3 trials that have to succeed otherwise they face a challenging time since their current drugs arent that profitable.
Balance Sheet
Q1 25. Units in million except price.
| price | 107 |
| mc | 6,600 |
| cash | 1,861 |
| debt | 5,367 |
| ev | 10,100 |
| shares | 61.6 |
| aPIC | 3,925 |
| re | 1,034 |
Income Statement
Units in million.
| 2025 | 2024 | |
|---|---|---|
| rev | 898 | 901 |
| sga | 514 | 351 |
| rnd | 180 | 222 |
| net loss | -55 | -66 |
| FCF | 417 | 260 |
| shares | 61 | 62.5 |
Pipeline
| pipeline | phase | indication | moa | catalyst |
|---|---|---|---|---|
| Zanidatamab | 3 | HER2+ GEA (gastro cancer) | HER2-targeted bispecific antibody | Q2 2025 Topline |
| Zepzelca, Lurbinectedin | 3 | ES-SCLC (lung cancer) | RNA Polymerase II | 02.06.25 Topline |
| Dordaviprone | 3 | Recurrent H3 K27M mutant diffuse glioma (brain cancer) | DRD2, ClpP | 18.08.25 PDUFA |
| Lurbinectedin + Atezolizumab | 3 | 1L Maintenance ES-SCLC | Chemo-immuno combo | Ongoing |
| JZP351 (Vyxeos) | 3 | High-risk AML / MDS | Liposomal daunorubicin + cytarabine | Multiple trials ongoing |
| JZP441 | 2 | Narcolepsy | Orexin-2 receptor agonist | Ongoing trials |
| Epidyolex (cannabidiol) | 3 | LGS, Dravet, TSC (Japan) | Cannabinoid | Japanese P3 ongoing |
| JZP815 | 1 | Solid tumors / hematologic malignancies | Pan-RAF inhibitor | First-in-human ongoing |
| JZP898 | 1 | Solid tumors | IFNα2b pro-drug (conditionally activated) | First-in-human ongoing |
| JZP341 | 1 | Solid tumors | Long-acting Erwinia asparaginase | First-in-human ongoing |
Zepzelca (Lurbinectedin)
is in CT III with topline results expected on 02.06.25 and indication HER2+ GEA (gastroesophageal cancer). Lurbinectedin is already approved for Lung cancer by Jazz. Lurbinectedin has more trials for other oncology indications.
Lipinski Rule of 5
| Property | Value |
|---|---|
| MW | 784 |
| HBA | 14 |
| HBD | 4 |
| RB | 3 |
| LogP | 4.19 |
PD
It is a parental anti-tumour agent with potential activity against a wide range of tumours. Structurally it is a synthetic tetrahydroisoquinoline that is related to the marine ecteinascidins. Like trabectedin, lurbinectedin binds to the minor groove of DNA. Stable lurbinectedin-DNA adducts induce DNA double- and single-strand breaks which cause cell cycle arrest and ultimately, apoptotic cell death. It inhibits active transcription and the DNA repair machinery in tumour cells.